Turkey prices lead drop in Thanksgiving meal costs

TFB Thanksgiving Meal Report shows price decrease

(WACO, Texas)—Consumers have good news to chew on this Thanksgiving as prices dropped 4.3 percent from last year.

A traditional, Texas-style Thanksgiving dinner for 10 will cost $46.75 this year, according to the special Texas Farm Bureau (TFB) Thanksgiving Meal Report.

The survey records the cost of 10 holiday staples—including turkey, stuffing, sweet potatoes, cranberry sauce and pecan pie. The 2017 report shows the average cost of this year’s holiday dinner dropped $2.10 from $48.85 last year.

“Preparing large holiday meals can be expensive,” TFB President Russell Boening said. “But this year, Texans can budget a little less for the traditional Thanksgiving meal.”

Survey shoppers found the price of a 16-pound, frozen, self-basting, young tom turkey to be significantly lower—down $1.76—from previous years.

That’s due in part to a good production year for turkey farmers across the U.S. A recent report from the U.S. Department of Agriculture shows record amounts of turkey kept in cold storage. The extra supply, Boening noted, has encouraged some retailers to move the product at discounted prices while demand is high.

TFB’s fourth quarter Grocery Price Watch survey, taken in conjunction with the 2017 Thanksgiving Meal Report, also indicated a slight decrease for household staples. Results from the quarterly survey of 16 common food products decreased 68 cents from $46.75 in the third quarter to $46.07 in the fourth quarter of this year.